Ryan’s Budget: By the Numbers

by Andrew Stiles

Paul Ryan’s 2012 budget, “The Path to Prosperity,” is an impressive document aimed at fostering economic growth and sustainable government. Here are some of the numbers that jump out:

$6.2 trillion — Amount of spending cuts proposed relative to President Obama’s 2012 budget request.

$5.8 trillion — Amount of spending cuts proposed relative to the current CBO baseline.

2008 — Ryan’s plan would bring non-security discretionary spending to below 2008 levels (pre-stimulus, pre-bailout, pre-Obama).

20 percent — Target spending levels (as a percentage of GDP).

$4.4 trillion — Total deficit reduction over 10 years called for under the plan, compared to $4 trillion under Bowles-Simpson and just $1.1 trillion under Obama’s 2012 budget.

$4.7 trillion — Total debt reduction relative to Obama’s budget.

$178 billion — Amount of saving achieved in the Defense Department budget, per the recommendations of Defense Secretary Robert Gates, $100 billion of which would be reinvested, the rest used to reduce the deficit.

$750 billion — Total savings achieved through Medicaid reform, in the form of block grants to states, giving governors greater flexibility in their budgets.

2022 — Year that proposed Medicare reforms would take effect.

25 percent — The top tax rate proposed for both individuals and companies.

18-19 percent — Target revenue levels (as a percentage of GDP), in keeping with historic average levels.

$800 billion — Total amount of tax increases eliminated by repealing Obamacare.

1 million — Private-sector jobs created over the next year.

4 percent — Projected unemployment rate by 2015.

$1.5 trillion — Projected growth in real GDP over the next decade.

$1.1 trillion — Estimate increase in wages over 10 years, yielding an average increase in income of $1,000 per year for each American family.

10 percent — Proposed reduction to the federal workforce over the next three years.

$120 trillion — Total debt reduction by 2050 relative to Obama’s budget.

For a good laugh (or shock), see here.